Dollar Tree Inc. has agreed to a settlement with the Occupational Safety and Health Administration that comes with work safety-related requirements and fines totaling over $1 million.
The dollar store chain also said its expenses jumped to 25.3% of total revenue during the second quarter, powered by higher labor wages and higher cost of utilities from"unseasonably high temperatures". Meanwhile, Dollar Tree CFO Jeff Davis said the profit outlook was also impacted by unfavorable shrink trends and higher diesel fuel prices.
Dollar Tree said it now expects to earn in the range of $5.78 to $6.08 per share in fiscal 2023, compared with its prior outlook of between $5.73 and $6.13. Analysts on average expect earnings per share of $6.03, according to Refinitiv IBES data., shares of Dollar Tree are down across the board, slipping roughly 9.9% the last five days, 6.2% the last quarter and nearly 9.5% year-to-date.
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